Jaeger has reportedly appointed advisers to consider options for the business, which could include a sale.

Owner Harold Tillman has appointed investment banking group Rothschild to consider strategic options.

According to The Sunday Times, Tillman has been approached by potential buyers and the retailer could be worth as much as £100m.

Tillman, who is also chairman of the British Fashion Council, bought the loss making business in 2003. He drafted in Belinda Earl, the former chief executive of Debenhams, to lead the recovery of the brand in 2004.

This is not the first time a potential sale of Jaeger has been mooted and in 2008 Tillman appointed UBS to complete a strategic review of Jaeger.

Tillman owns 72% of the business, and chief executive Belinda Earl owns 20%, with the remaining 8% shared by other management. The retailer has 46 UK shops.